Speaking at a Gibraltar Funds & Investment Association event in London this morning, Licudi confirmed that the Gibraltar government had received agreement from HM Revenue & Customs that pension legislation it passed in June was compatible with the Qualifying Recognised Overseas Pension Scheme rules.
However, he added that this confirmation was only given at the legislative level and that it is up to providers to ensure they fully comply with the rules.
“The fact we have passed legislation does not actually guarantee the validity of the transfer being considered,” said Licudi. “It will be up to the individual administrator operating from Gibraltar to make sure they get confirmation and clearance and that particular task done.”
Licudi also confirmed that a “handful” of schemes which had already been transferred to the jurisdiction before a self-imposed block was put on QROPS transfers to Gibraltar in 2009, had also received confirmation from HMRC they can register as QROPS.
He added: “But the emphasis is on the administrator and operator, rather than the government which has simply provided the legislative framework in order to allow the transfers in the first place. Whether it is valid or not at an individual level will depend on the individual scheme and the administrator getting the necessary approval.”
Since coming to office earlier this year, Licudi has been a great advocate of reviving the jurisdiction’s dormant QROPS industry, announcing in March that he planned to help push through the legislation that was ultimately passed in June.
In this vein, Licudi said the government is “very happy with this as a new line of business which, hasn’t quite taken off yet because we’ve recently passed the legislation, but is going to take off.”
This story was updated at 5:30pm on 16 October 2012